Other business activities will list any groups or activities the broker is engaged in as a partner, officer, employee, trustee, agent or otherwise. He doesn't know what a U4 is. Our company is licensed, bonded, and insured in New York State. In the event that the individual seeking to register as an investment adviser representative is also starting a state registered investment advisor firm, the Form U4 is often submitted at the same time the Form ADV and other registration documents are submitted to the state securities regulator since most state securities regulators require an investment advisor firm to have at least one individual registered as an investment adviser representative. All Rights Reserved. From a practical perspective, firms are now – more than ever – digging deeper into a prospective advisor’s past and the expectation that the advisor will be 100% honest and forthright when providing information in anticipation of becoming employed or affiliating with a new BD are significantly greater. i've been hiding for so long from who i should be? The full list of states licensed will be displayed on the next page. If this is the case then the investment adviser representative is required to disclose additional details of the event or proceeding on the appropriate Disclosure Reporting Page on the U4 form. The full list of states licensed will be displayed on the next page. This is especially important in today’s hyper-vigilant compliance environment. The form U4 is the Uniform Application for Securities Industry Registration or Transfer. Each category of items listed above has a unique DRP page asking for particular details of the disclosure event. This is the group that watches over brokers like myself and others to help prevent fraud. Check the background of your financial professional on FINRA's BrokerCheck. She has no savings and a lot of debt. Many believe that what was thought to be a minor transgression– such as pleading guilty to shoplifting while in college, passing a bad check, being arrested for possessing a small amount of cocaine or declaring bankruptcy many years ago – do not need to be reported. Look for any big gaps in dates that may lave any questions in your head. Does it mak sense that a Law student sells makeup till she gets her degree. The opinions expressed and FINRA is responsible for the Central Registration Depository (CRD®) program, which supports the licensing and registration filing requirements of the U.S. securities industry and its regulators. Additionally, an enhanced Form U4 data entry experience will be made available in FINRA Gateway on October 31, 2020. Moreover, within 30 days after a new U4 is filed, the BD must “verify the accuracy and completeness of the information” provided by the financial advisor on the U4. However, these state securities regulator may have an alternative requirements/filings related to minimum qualifications and designation of supervisors. Your U4 form information is available from BrokerCheck. For example, when a matter arises (i.e. The Form U4 is submitted electronically to the state securities regulator by the investment advisor firm on behalf of the investment adviser representative through the investment advisor firm’s IARD/CRD account. Beginning July 1, 2015, FINRA’s new background check requirements for registration applicants went into effect. precise employment record...my own records lost. The Most Successful 401(k) Advisors Niche Out: Here’s How! I got some legal advice that I did not need to update my U4. of Shustak Reynolds & Partners, P.C. Broker qualifications will provide a little information on the type of regulatory organization and the number of states licensed. There was a new regulatory notice (15-50) that was approved by the SEC that amendments FINRA Rule 2210 (Communications with the Public). A description or indication of limitation of our compliance services does not mean that an agency or board has certified RCC as a specialist or expert in investment advisor compliance. They've done background check etc. In the past it took some digging to find information about a broker to find employment history (U4), qualifications, tests passed and states licensed. Pay close attention to the Disclosure Events section.